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US: Laureate Education reports second-quarter profit

For-profit universities and colleges group Laureate Education has announced second-quarter 2022 net income of $43.6 million, compared to a net loss of $29.2 million reported for the second quarter of 2021.

Revenue for the quarter was $385.4 million, up from $327.6 million reported for the second quarter of 2021.

The Baltimore, Maryland-based  company also reported results for the first six months of 2022. Its net loss for the period was $1.1 million, compared to a net loss of $194.2 million reported for the first six months of 2021.

Revenue for the six-month period was $594.9 million, up from $522.3 million reported for the first six months of 2020.

Laureate Education’s chief executive Eilif Serck-Hanssen said: “Our favourable results for the second quarter reflect the strong enrolment intakes that we have completed through June, driven by our leading brands and differentiated product offerings. We are encouraged by the momentum in our business and, as a result, are increasing our full-year 2022 outlook.”

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